- ARV
- After-repair value: estimated value once planned work is complete.
- Business-purpose loan
- A loan made primarily for business or investment purposes rather than personal, family or household use.
- Certification of trust
- Short signed summary of a trust's key facts, used instead of the full trust (Prob. Code §18100.5).
- Credit bid
- A bid by the lender of the amount owed instead of cash at the trustee's sale.
- Exit strategy
- How a short-term loan gets repaid: usually a sale or a refinance.
- IAEA
- Independent Administration of Estates Act: lets a personal representative act with less court supervision.
- Letters of administration / testamentary
- The court document showing who the personal representative is.
- LTC
- Loan-to-cost: loan amount divided by total project cost (purchase plus rehab).
- LTV
- Loan-to-value: loan amount divided by the property's value.
- Notice of Default (NOD)
- The recorded notice that formally starts a California nonjudicial foreclosure (Civ. Code §2924).
- Notice of Proposed Action
- The notice a personal representative with IAEA authority gives before certain actions, such as a sale.
- Notice of Trustee's Sale (NOTS)
- Notice of the sale date, recorded no sooner than three months after the NOD and given at least 20 days before the sale.
- Payoff demand
- The beneficiary's written statement of the full amount needed to pay off a loan (Civ. Code §2943).
- Petition to Determine Succession
- Court petition that, after AB 2016, can transfer a primary residence up to $750,000 without full probate.
- Reinstatement
- Paying past-due amounts and allowed costs to cure a default; generally available until five business days before the sale.
- Trustee's sale
- The public auction that ends a nonjudicial foreclosure.